Sentinel Capital Partners has sold Nekoosa Coated Products, a manufacturer of specialty paper and film products used in the graphics and commercial print markets, to Appvion, a portfolio company of Wynnchurch Capital.
Nekoosa’s products include application and pressure-sensitive tapes used to protect and transfer graphics onto surfaces such as store windows and commercial vehicles; synthetic papers that offer a digitally printable tear-and-water-proof alternative to lamination; sheeted digital and offset grade carbonless paper; and extruded film products used in wall panel, credit card, and lighting applications.
Nekoosa’s products are sold through a network of more than 1,000 global distributors to more than 70,000 commercial print and graphics shops in 65 countries. The company is led by CEO Paul Charapata and is headquartered 125 southwest of Green Bay in Nekoosa, Wisconsin.
“I am extremely proud of what Nekoosa has achieved during our partnership with Sentinel,” said Mr. Charapata. “We successfully navigated the pandemic, integrated accretive add-ons, expanded the product portfolio, and positioned the brand for continued growth. Sentinel was a tremendous partner.”
Sentinel acquired Nekoosa in October 2017 from Wingate Partners which had acquired the business in October 2012 from Wisconsin-based Dunsirn Partners.
“Nekoosa is the leading brand in the application tapes and carbonless paper categories and has an outstanding management team and culture that puts its customers and employees first,” said Scott Perry, a partner at Sentinel. “We were truly fortunate to partner with Paul Charapata, Bob Beckwith, and the rest of the Nekoosa team, and we wish them continued success.”
Appvion is a provider of specialty and high-performance thermal coatings for label and film applications, and also provides renewable, and fiber-based consumer and industrial packaging products. Appvion was founded in 1907 and is headquartered 35 miles southwest of Green Bay in Appleton, Wisconsin. Wynnchurch acquired Appvion in December 2021 through its buy of the thermal coating business assets of Appvion Holding Corp.
“We are bringing together two great companies with complementary businesses and capabilities to accelerate growth and create additional value for our customers,” said Laurie Andriate, the CEO of Appvion. “I’m excited to welcome the Nekoosa team to Appvion.”
“We are excited to add Nekoosa to the platform as we create an engineered coating specialist with market-leading products, scale and diversification across customers and end markets,” said Greg Gleason, a managing partner at Wynnchurch. “We look forward to supporting management’s growth plans as we continue to expand the platform.”
Wynnchurch makes investments in middle-market companies that have revenues of $50 million to $1 billion. In January 2020, Wynnchurch closed its fifth private equity fund, Wynnchurch Capital Partners V LP, with $2.3 billion of committed capital. The new fund, which began its marketing in September 2019 with a target of $1.6 billion, was oversubscribed and closed at its hard cap. Wynnchurch was founded in 1999 and is headquartered in the Chicago suburb of Rosemont with additional offices in Los Angeles (El Segundo) and New York City.
New York City-based Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $80 million. The firm targets eight industry sectors: aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrials.
© 2022 Private Equity Professional | November 8, 2022
